When dealing with 30 to 40 year old brakes, it may be best to replace the stock rubber brake lines front and rear. Over time, the rubber will deteriorate and the lines will start to balloon with pressure reducing you braking performance and give you a softer pedal. Replace rubber lines with new rubber lines or aftermarket stainless steel braided flex lines front and rear.
Another thing is changing out your fluid. Over just a few years, you fluid will collect moisture and reduce your braking performance. You will notice a difference in braking performance when you just change your fluid if your fluid is fairly old.
If you running rear drum brakes, make sure the pads are adjusted out against the drum correctly. Make sure the adjuster is in good working order as your rear shoes will adjust every time you use your brakes in reverse.
If you still have a soft pedal, you master cylinder may not be holding pressure. The only way to test this is to pull it off the car and bench bleed it using the plug method.
Bleeding your master cylinder using the plug method
1. If the master cylinder is coming off the car, dispose of the brake fluid in the reservoir.
2. Mount your new or used master cylinder in a vise.
3. Use the appropriate size plugs for the outlets. For GM this is ½-20 inverted flare for the rear port of the master cylinder and 9/16-18 inverted flare for the front port.
4. Fill the master cylinder with fresh brake fluid.
5. Slowly cycle the master cylinder piston with a NON sharp, NON pointed rod. NO flat head or phillip screw drivers.
6. Once the piston stops moving, the master cylinder is now bled of all the air. There should only be a slight amount of movement in the piston (Less than a 1/16 of an inch).
7. After the piston stops moving, apply pressure on the back of the master piston and hold for 45 seconds. If the piston starts to slowly move down the piston, your master cylinder needs to be replaced or rebuilt.
8. If your master cylinder holds pressure, you are good to mount it to the car and bleed the rest of the system.
Using the plug method to bleed your master cylinder does two things. First, I gets all the air out of the master cylinder. Second, it tests the master cylinder to see if it is bad.